Dollar Weakens Ahead Of Important Economic Reports

8/28/2017 2:57 PM ET

The dollar is losing ground against all of its major rivals Monday afternoon. The weakness is coming from several different source at the start of the trading week, including Hurricane Harvey, a lack of important U.S. economic data and comments made by Mario Draghi at the meeting of central bankers at the end of the prior week.

European Central Bank President Mario Draghi refrained from talking down the Euro at the Jackson Hole conference. Draghi did not express concern about a strong euro zone currency, as some market participants had expected.

Things were quiet on the U.S. economic front this morning. However, traders are looking ahead to the release of reports on consumer confidence, personal income and spending, pending home sales, manufacturing activity, GDP and monthly jobs report in the coming days.

Hurricane Harvey battered the parts of Texas, causing catastrophic flooding and killing five people in the Houston area. The National Weather Service warned that rainfall may exceed a record-breaking 50 inches in areas around Houston.

The dollar reached an early high of $1.1917 against the Euro Monday, but has tumbled to $1.1980 this afternoon, its lowest level since January of 2015.

Eurozone monetary aggregate rose at a slower pace in July, the European Central Bank reported Monday.

Italy's consumer confidence improved more-than-expected in August to the highest level in eight months, while business confidence strengthened, survey data from the statistical office Istat showed Monday.

The consumer confidence index climbed to 110.8 in August from 106.9 in the previous month. Economists had expected the index to rise slightly to 107.0.

Data also showed that the composite business confidence index improved to 107.0 in August from 105.6 in July.

The buck has fallen to nearly a 2-week low of $1.2940 against the pound sterling this afternoon, from an early high of $1.2873.

The greenback rose to a high of Y109.414 against the Japanese Yen Monday morning, but has since retreated to around Y109.100.